Aquaculture Products Market Report 2024

This Aquaculture Products market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The aquaculture products market size has grown strongly in recent years. It will grow from $31.81 billion in 2023 to $34.28 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth during the historical period can be linked to several factors, including the demand for fish farming, improvements in fishing technology, government support for aquaculture, an increase in seafood consumption, the development of mariculture, and heightened awareness of sustainable practices.

The aquaculture products market size is expected to see strong growth in the next few years. It will grow to $46.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. In the forecast period, growth is expected to stem from the expansion of aquaculture in emerging markets, technological advancements in aquatic farming, greater investment in sustainable practices, a rising demand for high-protein diets, the growth of offshore aquaculture, and government backing for sustainable fishing. Key trends anticipated in this period include increased automation in aquaculture, a rise in integrated fish farming, the adoption of smart sensors in aquatic farms, a growing demand for eco-friendly aquaculture equipment, the use of AI for fish health monitoring, and the expansion of recirculating aquaculture systems (RAS).

The rising global demand for seafood is expected to drive growth in the aquaculture products market in the coming years. Seafood encompasses any edible marine life harvested from oceans, rivers, lakes, or other water sources. The increasing demand for seafood can be attributed to heightened awareness of its health benefits, population growth, and changing dietary preferences toward protein-rich and sustainable food options. Aquaculture products play a crucial role in seafood production by improving the farming, harvesting, and processing of fish, shellfish, and other marine species. For example, the Department of Agriculture, Fisheries, and Forestry in Australia reported in December 2023 that Australians consumed around 350,000 tons of seafood in 2021-2022, averaging 13.8 kilograms per person. Additionally, fishery and aquaculture imports increased by 2% to $2.19 billion, largely driven by a rise in prawn imports. Thus, the growing global demand for seafood is propelling the aquaculture products market.

Key players in the aquaculture products market are focusing on developing innovative natural mineral products to enhance water quality, improve fish health, and promote sustainable farming practices. Natural mineral aquaculture products consist of mineral-based substances that help improve aquatic environments and the health of farmed species. For instance, in January 2024, Refit Animal Care, an aquaculture company based in India, launched a product called Ziobind - Zeolite, aimed at transforming fish farming practices in the region. Ziobind employs zeolite, a natural mineral known for its ability to absorb harmful substances from water, such as ammonia. This product helps maintain optimal water conditions, reducing stress on fish and promoting better growth rates.

In July 2024, Merck Animal Health, a U.S.-based veterinary company, acquired Elanco's aqua business for $1.3 billion. This acquisition significantly enhances Merck Animal Health's capabilities in the aquaculture sector, enabling the company to better serve its customers and drive innovation in fish health and welfare solutions. Elanco Animal Health Incorporated is a U.S.-based pharmaceutical company that offers aquaculture products and solutions for both warm and cold water species.

Major companies operating in the aquaculture products market are Xylem Water Solution, Merck Animal Health, Marine Harvest, Pentair PLC, Thai Union Group PCL, Lerøy Seafood Group, Cooke Aquaculture Inc., Cermaq Group, Nueva Pescanova, Bakkafrost, AKVA group, Stolt-Nielsen, Huon Aqua, Reef Industries Inc., Pioneer Group, Eastern Fish Company, CPI Equipment Inc., ASAKUA, Blue Ridge Aquaculture Inc., Frea Aquaculture Solutions ApS, Tan International, Aquaculture Systems Technologies LLC, luxsol.ru, Aquafarm Equipment AS.

Asia-Pacific was the largest region in the aquaculture products market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the aquaculture products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the aquaculture products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Aquaculture products are items utilized in the breeding, raising, and harvesting of aquatic organisms, including fish, shellfish, and seaweed. These products encompass feed, equipment, water treatment solutions, and health management supplies, catering to the increasing demand for seafood and other aquatic products.

The primary categories of aquaculture products include aquaculture equipment, fertilizers, chemicals, and pharmaceuticals. Aquaculture equipment consists of various tools and machinery used in fish farming, such as nets, tanks, feeding systems, and oxygen pumps. The production types vary from small-scale to medium and large-scale operations. Additionally, the culture environments comprise freshwater, marine water, and brackish water, which are applied in various contexts, including aquatic animals and aquatic plants.

The aquaculture products market research report is one of a series of new reports that provides aquaculture products market statistics, including aquaculture products industry global market size, regional shares, competitors with an aquaculture products market share, detailed aquaculture products market segments, market trends, and opportunities, and any further data you may need to thrive in the aquaculture products industry. This aquaculture products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The aquaculture products market consists of sales of fish feed, water quality testing kits, aerators, and water pumps. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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